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DraftKings vs. FanDuel Stock: DKNG vs. Flutter (FLUT)

FanDuel is a Flutter brand, not a standalone public stock. The investor comparison is DraftKings (DKNG) versus Flutter (FLUT), with important differences in business scope and metrics.
From TheFinanceBase Team4 min to read

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You can buy DraftKings stock under the ticker DKNG, but FanDuel does not have a separately listed stock. FanDuel is a brand owned by Flutter Entertainment, whose U.S.-listed shares trade as FLUT. Buying FLUT gives you exposure to Flutter’s broader, multi-brand international business—not just FanDuel.

Can you buy FanDuel stock?

No standalone FanDuel stock is identified in the companies’ official filings. FanDuel is part of Flutter Entertainment; Flutter announced in July 2025 that it would acquire Boyd Gaming’s remaining 5% stake, bringing its ownership of FanDuel to 100%. Flutter’s shares were solely listed on the New York Stock Exchange from August 3, 2026. DraftKings is a separate public company: its Class A common stock trades on Nasdaq as DKNG. DraftKings says there is no public market for its Class B common stock.

In practical terms, the public-market comparison is DKNG versus FLUT. DKNG is equity in DraftKings. FLUT is equity in Flutter, which owns FanDuel alongside other brands and operates across multiple markets. Neither ticker is a pure-play proxy for the other company’s sportsbook.

How the businesses differ

Measure DraftKings (DKNG) Flutter (FLUT)
What the stock represents DraftKings Inc.; Class A common stock trades on Nasdaq. Flutter Entertainment plc, the parent of FanDuel and other brands; shares solely listed on the NYSE from August 3, 2026.
Fiscal 2025 revenue $6.0545 billion, reported by DraftKings for fiscal 2025. $16.383 billion, reported by Flutter for fiscal 2025 across its consolidated business.
Customer measure 4.0 million average monthly unique payers, reported for fiscal 2025. 15.9 million average monthly players, reported for fiscal 2025 across Flutter.
Additional operating measure $53.6 billion sportsbook handle and 7.1% sportsbook net revenue margin, reported for fiscal 2025. FanDuel’s U.S. online sportsbook and iGaming shares are reported separately below; they are not Flutter-wide profit margins.

These are issuer-reported operating figures, not stock returns or measures of valuation. The revenue and customer totals are not like-for-like brand comparisons: Flutter’s figures cover a larger multi-brand, international business, while its consolidated revenue does not isolate FanDuel. DraftKings described itself in its 2025 Form 10-K as “a digital sports entertainment and gaming company.”

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What FanDuel’s market-share figures show

Flutter reported that, as of December 31, 2025, FanDuel had 41% of U.S. online sportsbook gross gaming revenue (GGR) and 27% of U.S. iGaming GGR. Flutter based these company-reported shares on published regulator reports in states where FanDuel was live, excluding Tennessee because the relevant data was no longer reported there.

Those percentages describe GGR share in the stated U.S. markets and reporting period. They are not shares of Flutter’s total revenue, profit margins, or stock-market performance. Flutter’s 2025 annual report called FanDuel its largest brand and described it as the U.S. market’s leading online sportsbook and iGaming operator; that characterization and the accompanying shares are the company’s own.

Rank #2

Recent DraftKings results need context

DraftKings reported revenue of $1.443 billion for the quarter ended June 30, 2026, down 5% year over year. The company attributed the decline primarily to customer-friendly sports outcomes and increased promotional reinvestment to acquire customers on Sportsbook and Predictions. That is the company’s explanation for one quarter, not evidence on its own of a lasting decline.

Sports results can affect sportsbook revenue, while promotions and other customer-acquisition spending can affect reported performance. Investors assessing either company should examine several periods and relevant segment disclosures rather than infer a trend from one result. DraftKings’ investor-relations overview also summarized fiscal 2025 revenue as $6.1 billion and adjusted EBITDA as $620 million. Adjusted EBITDA is a company-presented non-GAAP measure; it is not net income, and readers should review its reconciliation to the closest GAAP measure.

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How to compare DKNG and FLUT as investments

A useful comparison starts by matching the scope, periods, and definitions behind the numbers. A sportsbook brand’s market share, a parent company’s revenue, and a stock’s valuation answer different questions.

  • Business exposure: Separate DraftKings’ results from Flutter’s consolidated results, and determine how much of Flutter’s performance is attributable to FanDuel rather than other brands or geographies.
  • Growth and operations: Compare revenue growth over the same periods. Review operating income, cash generation, customer measures, and customer-acquisition or promotional costs; definitions may differ between companies.
  • Market position: Keep sportsbook GGR share distinct from iGaming GGR share. Check the reporting date, state coverage, and source methodology before comparing market-share figures.
  • Profitability: Distinguish GAAP results from adjusted or other non-GAAP measures, and read the issuer’s reconciliation before drawing conclusions.
  • Risk and resilience: Review each issuer’s risk-factor disclosures for regulation and market access, gaming taxes, sports outcomes, promotions, customer retention, competition, and execution.
  • Valuation and shareholder returns: Use current share prices and consistent calculations to compare valuation multiples, dilution, capital allocation, and total returns. The figures here do not establish which stock is cheaper or has performed better.

Stock returns and valuation depend on the price paid, market expectations, capital structure, future regulation, taxes, competition, and other risks. Company operating metrics alone do not determine whether either security is suitable for an individual investor.

Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.

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